American homeowners could have saved a combined $5.5 billion by refinancing their mortgages in 2010 and 2012, according to a new study published in the Journal of Financial Economics. Despite historically low mortgage rates, homeowners didn’t make refinancing a top priority, which prompts the question: with mortgage rates rising in 2017, is it too late for you?
Closing costs and down payments are common homebuying hurdles. Though low down payment mortgage options are readily available to homebuyers, adding that with 2 to 5 percent of a home’s purchase price in closing costs can tally up quickly. The Compass Grant Program is here to help borrowers cut down on those costs.
If you’ve been keeping an eye on mortgage rates, you know that while they’re still low, they’re climbing. As refinance activity in the mortgage world has dropped to less than 50 percent, studies are showing that rising rates are removing millions of eligible borrowers from the refinance pool. Don’t miss your chance to lower your rate!
With 2016 in the rearview, it’s a good time to sit down and determine your financial goals for the new year. Whether you want to save for a large purchase, invest more aggressively in your retirement portfolio or just want to have a bigger safety net, you’ll need to cut costs to pave the way. Here are a few ways you can start budgeting and cut spending on everyday items around your home.
In 2016, the U.S. Department of Veteran Affairs guaranteed more than 707,000 home loans, making it the largest year in the history of the VA loan program. In honor of the men and women who have served our country, we’re highlighting the ways the VA loan program makes homeownership attainable and affordable for our veterans.
At some point as a homeowner you’re going to come to an inevitable, emotional and mathematical fork in the road. Whether your starter home isn’t enough for your growing family, you’ve recently become an empty nester or you just really want an updated kitchen or floor plan, you’ll likely ask yourself whether it’s in your best interests to remodel or renovate or list and trade up.
According to a report from Harvard's Joint Center for Housing, home improvement and repair spending will increase 8 percent by the beginning of 2017. As existing home inventory has dwindled, homebuyers have purchased homes that need repairs, renovations and improvements.
Thanks to Brexit, mortgage rates have been holding near historic lows this month, which has sent many homeowners swarming to refinance into a lower rate. But according to a report from Black Knight Financial Services, more than seven million homeowners in the U.S. still have the opportunity to refinance.
In the first quarter of 2015, only 31,000 homeowners with FHA loans took advantage of the FHA Streamline Refinance Program. In the first quarter of 2016, that number skyrocketed to over 63,000 homeowners. So if you have an FHA loan and haven’t refinanced into a lower rate, what are you missing out on?
At the end of last month, British voters made the shocking decision to exit the European Union, which rattled the stock market and sent U.S. mortgage rates into a nosedive. So how does Britain’s exit, aka “Brexit”, affect U.S. consumers?
Buying, financing and maintaining a home is a multi-step journey, whether you’re a first-time homebuyer or an experienced homeowner. This is why we strive to educate potential homebuyers and homeowners prior to and after closing on their mortgage. But we need a little feedback on topic areas we may have missed.